Posted Oct 19, 2011, 11:47 AM
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Join Date: May 2011
Location: Toronto
Posts: 2,213
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http://news.nationalpost.com/2011/10...-and-eglinton/
Peter Kuitenbrouwer: Development battle brewing at Young and Eglinton
Peter Kuitenbrouwer Oct 19, 2011 – 7:00 AM ET
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A consortium of developers has a plan to build two condo towers, one of them 60-storeys high, at the corner of Yonge Street and Eglinton Avenue, and at first glance it appears North Toronto is girding for a new epic development battle, akin to the Minto Midtown melee that felled a sitting councillor eight years ago.
...This will not end up being taller than Minto. If the developers insist on going as far as they have proposed, they are going to have a fight on their hands.”
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In the opposite corner we have Ed Sonshine, the gum-chewing, pugnacious chief executive of RioCan, one of Canada’s largest shopping mall developers, whose firm owns 50% of a parcel of land assembled on the north-east corner of Yonge and Eglinton. (Metropia, controlled by developer Howard Sokolowski, owns 25% and Bazis, the Kazakhstan-based development company, owns the other 25%.)
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In 1968, in permitting the 30-storey tower above the Pickle Barrel, on the northwest corner, the City of Toronto insisted developers leave a square out front. The city neglected to acquire the square, though; it has remained an ugly, bench-free and lifeless place. Now RioCan, which owns it, plans to replace it with a three-storey shopping plaza, an idea the city blessed last year. (RioCan also plans to add seven storeys to one tower here and five storeys to the other.)
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RioCan, Bazis and Metropia have agreed with TD Canada Trust that it will sell them its site at Yonge and Eglinton in exchange for a marquee bank in the new tower on the northeast corner. They also own the Burger King site east of Yonge and, north of the corner, the site currently housing What-A-Bagel, Town Shoes and Black’s Camera.
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“We want two storeys of retail anchored by the TD Bank and two point towers, one sitting on top of TD. I was told by my guys it’s going to be 50 or 60 storeys, with a second tower on Roehampton.”
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He adds, “Any new development should work in concert with the new underground LRT and the Eglinton subway. I intend to see my residents be part of the design process for that. I am going to be organizing a meeting in the next couple of weeks. This is all pre-application: I want to make sure the representatives of all neighbourhood groups are engaged.”
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